High finance is wrecking the economy and the planet—but it won’t reform itself


In a special edition of the Financial Times, with a dramatic cover wrap which was virtually blank but for the giant words “Capitalism: Time for a Reset,” its economics doyen Martin Wolf went out of his way to define it for readers, guessing they too had to be enlightened. In an essay which bemoaned stagnant wages and productivity, inadequate competition, and rampant inequality, he explained that rentier capitalism “means an economy in which market and political power allows privileged individuals and businesses to extract a great deal of such rent from everybody else.” The half-forgotten term is as old as Adam Smith, who first defined rentiers as capitalists who were able “to reap where they never sowed.”

The complete article

Ann Pettifor — Prospect

How the internet is transforming death


facebook-death-memorialized-accounts-digital-legacy

Have you ever got a notification or a reminder from a friend who has died? The social profiles of people who have left us are still there and they look no different than that of a friend who you have not reached out to in a long time.

A fortnight ago, a friend sent me a light-hearted reminder that it was her birthday in a few days. She does this every year.

The problem is that she died a couple of years ago, and I simply cannot bear to block her (and her digital messages) from my account. I wouldn’t want to either: her satirical messages still make me smile. Like millions of other people, her continued digital life serves as a reminder of her unique identity. Her messages from the grave are a profound example of a contemporary revolution in dying and death.

The complete article

Joanna Bourke — Prospect

Image source

Jane Austen: Galloping girl


6e667ed256d636e7cd2334fff72c8d56

Jane Austen wrote fast and died young. Her life on paper may have spanned three decades, but all six of her celebrated novels made their public appearance between 1811 and 1817. The phrase “tell-tale compression,” self-consciously applied by the narrator towards the end of Northanger Abbey (1817), captures something of Austen’s authorial career, too. Indeed, in her case it is appropriate that the word “career” can mean a short gallop at full speed, as well as the potentially slower progress of an individual’s working life. Novelists are more usually seen as long-distance runners than as sprinters, and Austen’s mature fiction has been cherished for the gradual emergence into consciousness of its heroines’ thoughts and feelings. Yet speedy progress—described in Emma (1815) as the “felicities of rapid motion”—remained central to this writer’s craft from start to finish.

The complete article

Freya Johnston — Prospect

Image source